I didn't feel compelled to get a Series 2 watch and unless there's something dramatic in this fall's hardware, I'm not planning to upgrade to the next one either. I'm happy with what the watch does.
Its good to see that others are finding it more useful than I did, but in retrospect I should have waited.
To make matters worse, the SoC in the original Apple Watch is called the S1, and the chip in the Series 1 and Series 2 Apple Watches is called the S2, making the numbering more confusing and preventing us from shortening anything to S1/S2.
Thanks Apple!
https://en.wikipedia.org/wiki/Apple_Watch#Second_generation
The good news is that Apple Watch appears to hold its value like other Apple products. I just spotted a recent one on eBay that's exactly the same as mine which sold for $135.